China's UnionPay Credit-card Transactions Grow to NT$145B. in First 10 Months in Taiwan

Due to rising mainland Chinese tourists, Taiwan witnessed growing China UnionPay credit-card transactions totaling NT$145 billion (US$4.83 billion) in the first 10 months, already exceeding last year's NT$130 billion (US$4.33 billion), and will very likely hit a record annual high of NT$170 billion (US$5.67 billion).

Starting July 2009 Taiwan's financial authority officially allowed usage of China UnionPay or UnionPay credit cards, which are very popular in China.

The said transaction value of UnionPay cards includes purchases and cash withdrawals. In the first 10 months UnionPay card spending in Taiwan came to NT$67.2 billion (US$2.24 billion), surpassing last year's NT$60.8 billion (US$2.03 billion), and the 2014 value is estimated to reach NT$70 billion (US$2.33 billion), according to Taiwan's National Credit Card Center.

In the same period, the holders of UnionPay cards withdrew 5.51 million times through ATMs in Taiwan for a total of NT$77.8 billion (US$2.59 billion) during the period, more than last year's.

In 2009 some 20,000 ATMs around the island accepted UnionPay cards but has since multiplied, with stores, hotels, and restaurants, transportation systems as railroad, long-distance buses and taxis now also accepting the card.

Many Taiwanese businessmen or employees in China now also hold  UnionPay cards to increasingly use such cards on the island during trips to Taiwan. (JL)